office building

JLL Sells 330,000 SF 700 Union Boulevard in Totowa

JLL completed the sale of 700 Union Boulevard in Totowa for P.F. Laboratories Inc., a subsidiary of Purdue Pharma LP. The Hampshire Cos. acquired the 330,000-square-foot life sciences building for approximately $20 million.

The seller was represented by JLL’s life science team of Daniel Loughlin, international director and head of brokerage in New Jersey; Peter Ladas, senior vice president; and John Buckley, vice president; David Knee, senior managing director and head of industrial brokerage in New Jersey all with JLL. The team worked closely with Todd Anderson, principal, and his team at The Hampshire Cos.; the firm represented itself in the transaction.

“P.F. Laboratories tapped JLL to sell 700 Union Boulevard due to our team’s experience in dispositions of life science manufacturing, R&D and large corporate campuses, as well as our integrated team approach combining our life science expertise with the firm’s leading industrial team,” said Ladas. “The Hampshire Cos. was able to lease the facility to a like-kind user that would find the building’s existing manufacturing equipment and systems infrastructure ideal as the firm expands its business.”

The property consists of cGMP manufacturing and packaging, warehousing, chemical and wet labs, executive offices and conference rooms, and a chiller plant. Facility amenities include a cafeteria with indoor/outdoor seating areas, state-of-the-art security with card access controlled doors and ample parking.

The 700 Union Boulevard complex is located off Route 46 at I-80 Exit 53 (Eastbound) and Exit 55B (Westbound), and is close to I-280, I-287, the Garden State Parkway and I-95/NJ Turnpike. The facility is adjacent to the Route 46 corridor and a wide variety of restaurants, banks, hotels, day-care facilities and retail stores, including the Willowbrook Mall. The property is just minutes from New York, major transit hubs, Newark Liberty International Airport and Port Newark-Elizabeth.

JLL has completed the sale of several other high-profile life sciences transactions during the past year, including the sale of Merck & Co’s 1.5 million-square-foot campus at 556 Morris Avenue in Summit to Celgene Corp.

Related Articles: